How to Raise Financially Savvy Kids
One of the biggest responsibilities on your shoulders as parents these days is to raise financially savvy kids. In this age of glamour and showoff it is easier to get de-tracked by billboards and advertisements in glossy magazines and our screens. We get sucked in this giant pit hole of consumer culture and end up spending our heard earned money on things we don’t even need. Consumerism is penetrating deeper in the veins of our society and situation now is rather alarming.
Cherry on the top is living situations in global mega cities such as Dubai. Here, living is expensive and the lure of shopping is unstoppable. But – even then it’s totally possible for you to instill value of money in your kids. When you teach them the correct way of living right from the get go, they grow up to be responsible citizens.
Here are four smart ways to raise financially conscious and budget savvy kids:
#1 Take them to Used Clothing Stores
Make it a norm to visit secondhand kids clothing stores with your kids. Teach them the importance of reducing fashion wastage and make it absolutely normal for them to do their seasonal shopping at the thrift stores.
#2 Help them Set a Children Saving Account
Set a monthly allowance for school-going kids and help them set a children saving account at a local bank. Invest your time in teaching them the benefits of budgeting and savings. Having an account of their own make kids feel responsible and confident. It stops them from spending their allowances in a jiffy and saving for a big ticket toys can actually be something they can look forward to.
#3 Use the Power of Positive Reinforcement
Set saving goals for your kids. Each time your kid save money to spend on something bigger he’s been wanting for a while, be mindful of rewarding him with something. Positive reinforcement would strengthen his habits.
#4 Build a Hand-Me-Down Cousin Box with Them
Preach shopping for affordable branded used clothes in your household. To emphasize the significance of not wasting clothes that could still be used by someone, build a hand-me-down box of clothes and shoes they have grown out of. This box can later either be passed onto a younger cousin or could be sent to a charity.
Raising financially savvy kids is more important than raising fashionable kids. But if you play your cards right, you can actually achieve both in one go.